DxVx Enters Chinese Market with the Launch of Antibiotics Product
DxVx announced its entry into the Chinese market through the launch of its branded antibiotics product.
Dx&Vx China, its Chinese subsidiary, signed a co-branding agreement with a local pharmaceutical company to launch its brand products in June of this year. The two companies are finalising the mutual cooperation for pharmaceutical production and sales.
With an annual market size of about 225.4 trillion won, the Chinese pharmaceutical sector is the second largest in the world after the United States. The Chinese antibiotic market alone is worth 37 trillion won annually, making it the largest in the world.
The antibiotics product, Azithromycin, is an antibiotic medicine for the treatment of respiratory diseases. Using the launch as a stepping stone, DxVx plans to release various pharmaceutical products, including essential medicines, and expand its portfolio through best-in-class products and novel drugs.
Lim Chong-yoon, the President of Hanmi Pharmaceutical, who previously led Beijing Hanmi Pharm to success, is leading the charge for DxVx’s entry into the Chinese market. Lim and the executives of DxVx laid the foundation for the growth of Beijing Hanmi Pharm through GMP (drug production) and GSP (pharmaceutical distribution) business in the Chinese market. Additionally, Coree Group, led by Lim, has been distributing imported antibiotics from Hanmi Pharm and GSK throughout China for the past 15 years, with an annual scale of 30 billion won.
An official from DxVx stated, “We plan to leverage our experience and know-how accumulated in the Chinese market to help the Chinese subsidiary to develop markets in China. We are also expanding and restructuring the contract sales organisation to push the Chinese healthcare business forward. We have already begun building its drug portfolio with essential drugs that have stable demands and plan to announce best-in-class pipelines in the near future.”
In addition, DxVx is planning to push forward the selection and development of its next medicines with Dr. Kim Wan-joo, who was recently appointed as an advisor. Dr. Kim developed the first third-generation cephalosporin antibiotic in Korea and will work alongside additional experts to be recruited by the company.
Source: the Yakup